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1999 SESSION
HB 2408 Professional corporations; transfer of shares to charitable trusts.
Introduced by: L. Preston Bryant, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Professional corporations; transfer of shares to charitable remainder trusts. Authorizes shareholders of professional corporations to transfer their shares in such corporations to a charitable remainder trust. The bill conditions such a transfer upon the requirement that the income beneficiaries and trustees of the charitable remainder trust must be eligible to render the same professional services as the shareholders of the corporation. Additionally, the charitable remaindermen must be domiciled or maintain a local chapter in Virginia. The bill adopts the definitions of “qualified charitable remainder trust” contained in § 664 of the United States Internal Revenue Code of 1986, as amended. The bill also incorporates parallel provisions into the Professional Limited Liability Company act.
FULL TEXT
- 01/21/99 House: Presented & ordered printed 994637140 pdf
- 02/03/99 House: Committee substitute printed 990256140-H1 pdf
- 02/26/99 House: Bill text as passed House and Senate (HB2408ER) pdf
- 03/23/99 Governor: Acts of Assembly Chapter text (CHAP0100) pdf
HISTORY
- 01/21/99 House: Presented & ordered printed 994637140
- 01/21/99 House: Referred to Committee on Corporations, Insurance and Banking
- 01/26/99 House: Assigned to C. I. B. sub-committee: 4
- 02/03/99 House: Reported from C. I. B. w/sub. (24-Y 0-N)
- 02/03/99 House: Committee substitute printed 990256140-H1
- 02/04/99 House: Read first time
- 02/05/99 House: Read second time
- 02/05/99 House: Committee substitute agreed to 990256140-H1
- 02/05/99 House: Engrossed by House - com. sub. 990256140-H1
- 02/06/99 House: Read third time and passed House (Block Vote) (100-Y 0-N)
- 02/06/99 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/06/99 House: Communicated to Senate
- 02/08/99 Senate: Constitutional reading dispensed
- 02/08/99 Senate: Referred to Committee on Commerce and Labor
- 02/15/99 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/16/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/16/99 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/17/99 Senate: Read third time
- 02/17/99 Senate: Passed Senate (40-Y 0-N)
- 02/17/99 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/26/99 House: Bill text as passed House and Senate (HB2408ER)
- 02/27/99 House: Enrolled
- 02/27/99 House: Signed by Speaker
- 02/27/99 Senate: Signed by President
- 03/15/99 Governor: Approved by Governor-Chapter 100 (effective 7/1/99)
- 03/23/99 Governor: Acts of Assembly Chapter text (CHAP0100)